Build-Zone Issue warning about Unrated Insurers
On the eve of MIPIM UK Build-Zone, one of leading providers of Structural Warranties, issues a stark warning about using Unrated Insurers.
Their latest Brochure is being launched at MIPIM UK tomorrow and highlights the issues that face the Insurance market – on which the Construction Industry and Lenders rely upon to protect themselves, third parties and Clients.
Yet again another Insurer, GABLE, has gone into administration which demonstrates that it is even more important when taking out a 10 year policy in particular that you only accept an Insurer that has achieved at least an ‘A’ rating from one of the recognised Rating Agencies – such as AM Best, Standard and Poor’s or Fitch.
The CML also needs to be more proactive in this respect – by recommending to their Members that they should only accept ‘A’-rated Insurers bearing in mind most of them insist that Borrowers have a Structural Warranty in the first place.
Unrated Insurers should not be accepted – just ask the SRA (Solicitors Regulation Authority) who got caught not once but twice.
Remember Quinn’s, Lemmar, Balvar, Setanta, ERIC, Millburn, Enterprise?
………. and now GABLE.
It is not all about Price!
Come and see us at MIPIM UK from the 19th till the 21st of October on stand G11/13.